UAE- Goldman Sachs, QNB said to lead Travelex buyout debt refinancing

(MENAFN- Gulf Times) Goldman Sachs Group and QNB have been hired to raise $1bn to refinance debt that a UAE-based entrepreneur used to buy a stake in Travelex Holdings Ltd, according to five people with knowledge of the matter.

The size and tenor of the new debt has still to be determined, the people said, asking not to be named because the information is private. Several Abu Dhabi-based banks are in talks to participate in the deal, four of the people said. Syndication of the new loan will start soon and the refinancing should be closed before the end of the year, three of them said.

Apax Partners, one of Europe's largest private-equity firms, agreed in May 2014 to sell its majority stake in Travelex, a chain of foreign-currency exchanges, to Bavaguthu Raghuram Shetty and entities linked to Saeed bin Butti al-Qubaisi's Abu Dhabi-based Centurion Investments.

Shetty also owns UAE Exchange, a currency exchange and money-transfer company.

The new loan will refinance a $750mn, 18-month deal put in place in December by a group of banks including Goldman Sachs, QNB, Doha Bank, National Bank of Fujairah and Commercial Bank International.

QNB and Goldman Sachs didn't immediately respond to calls and an e-mail seeking comment. A spokeswoman for Shetty wasn't immediately able to comment. Travelex didn't respond to an e- mail requesting comment.